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LTC Properties (LTC) investor relations material

LTC Properties Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Transformation includes new leadership, RIDEA/SHOP platform launch, and a focus on diversifying into senior housing, with 13 properties converted to SHOP and a major acquisition in California.

  • Portfolio consists of nearly 200 properties across 25 states, with a gross investment of $2.1 billion as of June 30, 2025.

  • SHOP segment expanded to 13 properties (832 units), generating $2.5M NOI in Q2 2025, $780K higher than prior leases, and average occupancy of 81%.

  • Recent acquisition: 67-unit seniors housing community in California for $35.2M at a 7% yield.

  • Investment pipeline of $400M for 2025, with $320M expected to close in 60 days, aiming to more than double the SHOP portfolio.

Financial highlights

  • Q2 2025 revenues were $60.2M, up from $50.1M in Q2 2024, driven by SHOP conversions and higher interest income.

  • Net income for Q2 2025 was $14.9M, down from $19.2M in Q2 2024, due to SHOP transition and related costs.

  • Core FFO per share was $0.67–$0.68; Core FAD per share was $0.66–$0.71; FFO attributable to common stockholders was $23.4M.

  • Debt to annualized adjusted EBITDA for real estate at 4.2x; fixed charge coverage ratio at 5.1x.

  • Total liquidity at $674M as of June 30, 2025, with a new $600M unsecured credit facility.

Outlook and guidance

  • 2025 full-year Core FFO guidance raised to $2.67–$2.71 per share; Core FAD guidance at $2.80–$2.83 per share.

  • SHOP portfolio expected to reach nearly 20% of total portfolio after pending investments.

  • SHOP NOI for 2025 projected at $10.4–$15.6M; normalized NOI growth of 3% annually for SHOP acquisitions.

  • Guidance assumes $400M in completed and anticipated investments, with $320M expected to close in 60 days.

  • Guidance excludes additional investments beyond those expected to close in the next 60 days.

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Frequently asked questions

LTC Properties Inc., a health care REIT investing in seniors housing and health care properties, has sold five hospitals for a combined $52.9 million to companies affiliated with MedEquities Realty Trust, one of the nation’s leading dedicated healthcare real estate investment trusts. The portfolio consists of eight steady cash-flowing hospitals located in three states (AL, GA and MS).

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